Dragonfly managing partner Haseeb Qureshi said the cybersecurity sector is seeing an attack wave he compared to a pandemic-like outbreak. In his view, on-chain exploits act as a canary for the broader security industry because blockchain systems are the easiest place for attackers to turn intrusions into money. Citing data from DefiLlama Research, Qureshi said the number of on-chain hack incidents has climbed sharply, but the annualized scale of funds stolen remains roughly in line with 2025 levels. That points to smaller losses on a per-incident basis. He also said most smaller protocols have already been breached, while larger protocols are strengthening defenses with AI tools. Qureshi expects similar patterns to emerge across the wider internet as well.
Dragonfly managing partner Haseeb Qureshi said the cybersecurity field is facing an attack wave he described as 「COVID-like」.
He said on-chain hacking incidents are the 「canary in the coal mine」 for cybersecurity because blockchain systems are the easiest place for attackers to monetize an intrusion.
Citing DefiLlama Research data, Qureshi said the number of on-chain exploits has risen sharply. At the same time, the annualized value of stolen funds is roughly in line with 2025 levels, indicating that losses per incident have declined.
He added that most smaller protocols have already been compromised, while larger protocols are improving defenses with AI tools.
Qureshi said he expects the broader internet to see a similar pattern.
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